The Financial Times reports that "Statoil delayed the development of its showcase Arctic oil project for a second time after a string of disappointing drilling results in the Norwegian Barents Sea."

"The Norwegian oil major said it would make a decision in the summer of 2015 about how to develop the Johan Castberg field, thought to hold 400m-600m barrels of oil."

“'It is fair to say that we have had quite extensive exploration activity, and the results are somewhat disappointing. We thought the resources should be greater than they were,' said Arne Sigve Nylund, Statoil’s head of development and production in Norway."

It is the latest Arctic setback for oil companies, which had hoped the high north would prove to be the next big region for them. Royal Dutch Shell and Cairn Energy have had considerable disappointment in Alaska and Greenland respectively."